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Daily Market Report:June 25th, 2010
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Today the market indexes just traded sideways for the most part. Once a quarter the Russell indexes will re-balance and that usually makes for a choppy and volatile afternoon into the close. Other than that today was another light volume Friday. Last week we mentioned that the markets would likely decline after options expiration and that certainly was the case. The Dow Jones Industrial Average finished the week lower by 307 points. Next week is the last week in June and also the week before the July 4th Independence Day holiday in the U.S. This is also the time the mid-cycle is scheduled to bottom. The date we have for a short term low is July 3rd -5th, therefore, we shall look for a small choppy bounce after that time. The Large major cycle is down for most of the year so there will be plenty of shorting opportunities. Please remain a short term trader and only take the best chart setups and nothing else. It is critical to have a stop loss on every trade. While the market is close to the May 25th pivot low it is still a traders market at this time. Should the major indexes close below that level on the daily charts watch out below. Don't you find it rather ironic that the circuit breakers are all now in place on the major exchanges. Today the financial reform bill was announced and it is really nothing more than a mere facade. The master support levels for the SPX are 1070, 1052, 1038, 1020, 1006, 989, 974, and 957. The master resistance levels for the SPX are 1084, 1103, 1118, 1137, 1153, 1171, 1186, 1205, and 1220.
August crude finished the session higher by 2.35 to close at $78.86 a barrel. The master resistance levels for crude are 79.00, 84.00, 89.00, 95.00, and 100.00. The master support levels for oil are 74.00, 71.00, 67.00, 63.00, 59.00, 54.00, and 51.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
August gold finished the session higher by 10.30 to close at $1256.20 an ounce. The master resistance levels for gold are 1272, 1287, and 1308. The master support levels for gold are 1251, 1236, 1218, 1202, 1182, 1167, 1148, 1134, 1114, 1100, 1087, 1067, 1035, 1016, 1003, 984, and 971.
The 10 year bond yield finished the session lower by 0.008 to close at 3.113%. The support levels for the yield are 3.03%, 2.95%, 2.85%, 2.78%, and 2.69%. The resistance levels for the yield are 3.13%, 3.21%, 3.31%, 3.39%, 3.49%, 3.57%, 3.68%, 3.77%, 3.88%, 3.96%, 4.08%, 4.16%, 4.28%, and 4.36%.
In summary, the market indexes finished the session basically flat on a light volume Friday. This week was very negative for the major indexes as the DJIA lost over 300.00 points. A downward mid-cycle is scheduled to bottom on or around the early July. Therefore, we shall look for a short term bounce around that time. Remember this bounce should not be too strong or last too long so just remain short term at this time.
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Market Breadth
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NYSE |
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NASDAQ |
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| Advancing Issues |
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2,735 |
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1,842 |
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| Declining Issues |
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1,052 |
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817 |
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| Unchanged Issues |
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105 |
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93 |
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| Total Issues |
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3,892 |
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2,752 |
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| New Highs |
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84 |
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44 |
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| New Lows |
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63 |
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111 |
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| Up Volume |
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3,867,371,543 |
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1,732,331,832 |
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| Down Volume |
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1,883,279,742 |
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985,224,664 |
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| Unchanged Volume |
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31,694,886 |
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36,858,934 |
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| Total Volume |
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5,783,983,401 |
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2,754,415,430 |
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Most Actives
| Symbol |
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Closing Price |
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Change |
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Volume |
| C |
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3.94 |
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+0.16 |
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669,699,123 |
| SIRI |
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1.09 |
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+0.02 |
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236,209,855 |
| SPY |
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107.87 |
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+0.45 |
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214,304,158 |
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Biggest Gainers
| Symbol |
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Closing Price |
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Change |
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Volume |
| C |
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3.94 |
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+0.16 |
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669,699,123 |
| SIRI |
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1.09 |
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+0.02 |
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236,209,855 |
| SPY |
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107.87 |
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+0.45 |
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214,304,158 |
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Biggest Losers
| Symbol |
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Closing Price |
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Change |
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Volume |
| GFC |
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9.50 |
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-4.16 (30.45%) |
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1,384,858 |
| NBS |
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2.07 |
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-0.47 (18.50%) |
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3,567,558 |
| MIPI |
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1.70 |
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-0.39 (18.66%) |
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2,621,864 |
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